Alcoa: News: News Releases: Josmar Verillo Named President of Alcoa Latin America; Adjarma Azevedo to Retire as Chairman of Alcoa Aluminio at End of 2003

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February 26, 2003

Josmar Verillo Named President of Alcoa Latin America; Adjarma Azevedo to Retire as Chairman of Alcoa Aluminio at End of 2003

PITTSBURGH--(BUSINESS WIRE)--Feb. 26, 2003--Alcoa (NYSE:AA) announced that Josmar Verillo, 50, has joined the company as president of Alcoa Latin America. He will oversee the company's aluminum and electric power assets in South America and will be based in Sao Paulo, Brazil. He succeeds Adjarma Azevedo, 63, who was president, Alcoa Latin America and Alcoa Aluminio, Alcoa's Brazilian affiliate. Adjarma will continue to serve on the Alcoa Aluminio board as chairman until his retirement at the end of 2003 and will also focus on government relations and power negotiations during the transition. Mr. Verillo is the former chief executive officer of Klabin Industries, the largest pulp and paper company in Brazil, a position he has held since 1998.

Biographical information follows:

Josmar Verillo

Josmar Verillo joined Alcoa in January 2003 in his present position. Mr. Verillo had worked for Klabin Industries, the largest paper manufacturers in Brazil, for 13 years in several senior management positions including purchasing director and president of Klabin's largest business unit, Parana, culminating as chief executive officer in 1998.

Earlier, he held management positions at Empress de Caolim, a mining company, and Brazilian government positions at the country's embassies in London and Caracas, where he was responsible for the Economic Department.

Mr. Verillo received a Ph.D in economics of natural resources from Michigan State University in the United States. He holds an M.B.A. degree from Instituto de Estudios Superiores de Administracion, located in Caracas, Venezuela. His undergraduate degree in finance and marketing is from Pontificia Universidade Catolica de Sao Paulo, located in Sao Paulo, Brazil.

Mr. Verillo was elected a member of the Forum of Mercosul leaders by Gazeta Mercantil newspaper, one of the largest Brazilian financial newspapers, for the year 2000-2001. He is the founder of AMARRIBO, a nonprofit organization dedicated to promoting human development in the Ribeirao Bonito city in Brazil, and was the recipient of the Thoman Fellowship given by Michigan State University to research poverty and hunger.

Adjarma Azevedo

Adjarma Azevedo was named president, Latin America and Alcoa Aluminio, Alcoa's Brazilian affiliate, in January 2000. His most recent position was executive director of Alcoa Aluminio.

Adjarma joined Alcoa Aluminio in 1970 as chief sales administrator in Sao Paulo. He then began a series of sales assignments before being named commercial manager in 1979. Over the next several years, Adjarma directed many Alcoa Aluminio divisions including extrusions, flat rolled products, primary metals, cable and castings as well as responsibility for energy issues. In 1993 he also assumed accountability for AFL do Brasil, a joint venture between Alcoa Fujikura Ltd. and Alcoa Aluminio.

Currently, Adjarma is the President of ABAL (Brazil's Aluminum Association), and a member of the board of directors of Alcatel Cabos and Phelps Dodge Alcoa Fios e Cabos Eletricos S.A., joint-ventures with Alcoa Aluminio.

Note to Editors: In the word "Ribeirao Bonito" mentioned in this release, there should be a tilde over the "a" in "Ribeirao".